Marketing Management: A Relationship Approach

This assignment explores the principles of marketing management through a relationship-oriented lens. It examines how brand awareness influences market outcomes and brand equity. The role of the marketing mix in shaping brand image and consumer behavior is also analyzed, drawing upon academic research and theoretical frameworks.

Marketing Essentials

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Marketing’s roles and responsibilities which helps Wilkinson..............................................1
P2 Relationship between marketing’s functions and other functional units of Wilkinson..........4
TASK 2............................................................................................................................................5
P3 Ways in which two different organisations apply marketing mix elements within their
workplace.....................................................................................................................................5
TASK 3............................................................................................................................................7
P4 Marketing plan of Wilkinson..................................................................................................7
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Marketing is that systematic procedure which helps business enterprise in promoting and
advertising its goods and services in market place so that customer can get aware about them. In
present scenario, due to globalisation and high use of digital technology, all companies are facing
problem of market competition because in present time various new business entities are entering
into market with unique concepts and innovative products which attracts huge number of
customer. So, it is highly important for all companies to focus on their marketing functions so
that they can build strong relations with their customers. This project report is based on
Wilkinson which is specialised on manufacturing personal care products which is used by
customer in their daily life. In this report, different marketing functions of this company have
been evaluated. Also, it is determined that how its merchandising function interrelates with its
other functional units. Along with this, different components of marketing mix have been
discussed by which this enterprise can easily accomplish its desired goals. At last, new business
plan has been produced in the context of Wilkinson.
TASK 1
P1 Marketing’s roles and responsibilities which helps Wilkinson
There are various most important business activities such as buying, selling, distributing,
storing, risk analysis and financing which are controlled and monitored by marketing section. In
simple words, without taking help of merchandising section, company can operate it s above
mentioned activities and practices. The major function of marketing is to build strong relations
with customer so that company can easily identify their actual needs and the can produce
products and services according to their requirements. By satisfying actual wants of clients,
organisation can achieve its desired results and also can compete with its market competitors.
Marketing department operates various functions so that they can create some value for
customers. In present scenario, clients are becoming more demanding and they want highly
innovative products. Changes in customer needs and wants are continuously all business
enterprise. Now only that company exist in market lace which provides high customer
satisfaction. This is the main reason for which Wilkinson Company is focusing more on its
marketing functions. By taking help of its merchandising section, it can operate its business
activities in most effective manner which helps it in increasing satisfaction level of its customer.
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Mainly, marketing section gives core attention to seven elements which are product, price, place,
promotion, people, process and physical evidence. By focusing more on these components, this
enterprise can achieve competitive advantage, attain organisational goals and also can satisfy
customer need and wants in appropriate manner. Most important activity of merchandising is
promotion as well as advertisement. These practices help Wilkinson in promoting its different
products and services so that it can attract huge number of individuals and can increase its
customer base. In modern world, almost all organisations are competing with each other so that
they can build more powerful corporate image in market place. By promoting and advertising
business and its goods, company can easily create good brand image within its marketplace.
Market research is also a function of merchandising section which assist organisation in
identifying actual needs and wants of customer so that it can manufacture goods and services as
per their needs and wants. Marketing have gone through from five concepts which are follows as
under:
Figure 1Marketing concepts.
(Source: Bhasin, 2017)
 Product concept: This aspect gives core attention to goods. This concept suggests that
customer like to prefer those products which have different features as in quality, durability
and value. If business enterprise will produce their products to consider these characteristics
then it can attract huge number of customer and also can provide them high satisfaction.
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 Production concept: It is totally different from product concept because its gives core
attention to production process rather than products. This concept suggests company that it
should manufacture only those goods which high demand in market, by doing this they can
increase efficiency and effectiveness of their manufacturing procedure.
 Selling concept: This approach is based on product’s selling. In simple words, company
should set that pricing policy which is suitable for products. If organisation will charge high
prices then it might lose its customer. So they should select pricing policy as per product’s
value.
 Marketing concept: This approach gives core attention to market research. By conducting
market research company can identify actual needs of customer and then produce goods and
services as per current market trends, which will help it in maximising its financial profit.
 Societal concept: This approach highly links with marketing concept. But this suggests
company that it should enhance its organisational profit but after considering social welfare.
In simple words, it should give importance to profit as well as social welfare so that no
community or social group will get affects by marketing activities.
Hence, these are some most important concept of marketing which have improved and
developed merchandising. In present time, all business enterprises follow these concepts so that
they can successfully achieve their desired goals and objectives, and also can improve their
organisational efficiency as well as effectiveness. Apart from this, there are some most important
roles and responsibilities of marketing section of Wilkinson which are follows as under:
Planning: Every business enterprise makes plan and strategies so that it can operate its different
activities and practices in most effective manner. Marketing section of Wilkinson helps it in
making most successful business plans by which it generates high financial profit and also can
provide great satisfaction to its customer.
Customer satisfaction: In present scenario, customer’s demands are increasing day by day. To
satisfy customer’s needs and wants, organisation has to produce its goods and services in that
manner which creates meaningful value for its clients. Merchandising section conducts market
research so that company can identify actual needs and demands of customer so that company
can provide them product as per their requirements.
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Promotion and advertisement: It is huge responsibility of marketing department of Wilkinson
to promote its products and services within market place so that this company can attract large
number of customers.
Communication: Marketing is that concept which creates relationship between company and its
employees. Merchandising sections make connections with people via social media channels
such as Facebook, Twitter etc. So that they can be get informed about new products and services
of company. Also, it helps organisation in retaining its customer for long time period. By
communicating with clients, enterprise can get their valuable feedbacks and on the basis of that
enterprise can make necessary changes in its products and services.
Moreover, these are some most important marketing roles and responsibilities which help
Wilkinson in accomplishing its desired goals and objectives in appropriate manner.
P2 Relationship between marketing’s functions and other functional units of Wilkinson
In modern world, marketing has become most important concept of all business enterprises.
It helps companies in identifying customer’s need. Also, it helps organisation in assessing those
ways by which they can fulfil those needs in most effective and systematic manner. Success of
Wilkinson is totally depends upon its marketing functions which are follows as under:
 The most important function of market department is to forecast future demand and supply
of products so that company will manufacture goods according to that forecasting. By doing
this company can reduce the level of product’s wastage.
 Marketing section of Wilkinson conducts various risk assessment programs so that this
company can get aware about future business problems and challenges which can affects its
organisational growth as well as development.
 It is highly important for all business enterprise to distribute their products and service in all
those stores which are near to customer so that they can easily buy them and satisfy their
needs and wants. Distribution is considered as most important function of marketing.
 Merchandising team of Wilkinson is highly responsible for conducting market research. By
conducting such market research it can provide required information to company about
current market trends. By evaluating current needs and demands of customer, organisation
can produce most innovative products and service which can lead to high level of success
and growth.
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Hence, these are the major functions of marketing which helps Wilkinson in
accomplishing its targets. Also, it helps this company in fulfilling all customer’s needs and
wants. By taking help of above mentioned function business enterprise can enhance its
organisational growth and development. Marketing is considered as most important function of
company because it relates with other functional units.
Human resource management: It is that department of Wilkinson which is responsible for
hiring high skilled employees and also for creating good working environment within work
place. High skilled workers help company in operating its business activities and practices in
most effective manner which results in high financial growth. If company will operate its
activities to consider customer needs then it will definitely lead in market place. Marketing
department of Wilkinson helps its HRM section by promoting and advertising ads of job vacancy
do that HR team can get large pool of talents and then can most talented candidates for company.
Customer service: The most important function of all business enterprise is to provide high
customer satisfaction by proving quality products and services to clients. Marketing department
of Wilkinson conducts various market researches so that company can identify market trends and
manufacture its products as per those trends.
Finance: It is that functional unit of Wilkinson which analyse financial condition of company.
He major functions of this section are financial planning to ensure that organisation has enough
financial resources for operating its different business activities and practices. Marketing
department forecast future demand and supply of products, and then share this information with
finance department so that it can estimate that how much funds are required for operating future
business plans.
Moreover, these are some most important functional units of Wilkinson which totally
depends upon marketing functions which can be determined by above mentioned points.
TASK 2
P3 Ways in which two different organisations apply marketing mix elements within their
workplace
Marketing mix is known s most important concept of merchandising which involves seven
elements which are product, price, place, promotion, people, process and physical evidence. All
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companies use these components in different ways which can be determined by below mentioned
table:
Marketing mix elements Wilkinson Cadbury
Product Wilkinson is a large company
and it has big product line. It
is specialised in producing
household products like DIY,
cleaning products, bathroom
goods and so on.
It s a confectioner company
and its main products are
chocolate bars, desserts,
biscuits and other
confectionery items.
Price This company use pricing
policy to consider product’s
operational cost and
competitor’s pricing policy.
This organisation follows
pricing policy. Its product’s
prices start just 5 pound. It use
this pricing policy so that it
can target rich as well a poor
audience.
Place This organisation operates its
business in more than 121
countries. It gives importance
to only urban areas.
This company has its stores in
all over the world, it gives
core attention to urban as well
as poor areas so that it can
cover large market share.
Promotion This organisation gives core
importance to promotional
activities. That is why it
spends a lot on marketing.
Mainly, it takes help of social
media channels to attract huge
number of customer.
This organisation also gives
importance to promotional and
advertisement activities. For
this it spends half of profit on
marketing campaigns.
People This organisation gives
important to only its customer
and their satisfaction. But for
better growth it should focus
Cadusry is a successful
company which gives
importance to both customer
and employee’s satisfaction.
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on its all stakeholders.
Process This company operates its
business activities and
practices by taking help of
different strategies, process
and techniques so that it can
operate organisational
functions in most effective and
systematic manner.
On her other side, this
company do not gives
importance to procedures. It
just gives attention to profit
maximisation.
Physical evidence This organisation has more
than 300 stores in all over the
world which works as its
physical evidence.
Market shares of
confectionery industry are
largely covers by Cadbury. It
focus on bother rural and
urban areas which represents
its physical evidence.
TASK 3
P4 Marketing plan of Wilkinson
Table of contents
Introduction
Wilkinson’s marketing plan
References
Introduction
Every business enterprise makes its marketing plan so that it can accomplish its desired goals
and objectives in most effective and systematic manner. This presentation is based on Wilkinson
which is specialised in producing personal care products and its new marketing plan.
Executive summary: Marketing plan is that systematic approach which helps company in
operating its different business activities and practices in most effective manner. In present
scenario, it has become most important tool which helps organisation in achieving its desired
goals and objectives in appropriate manner. Basically, it a blueprint of company which outlines
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it’s all the strategies, activities, practices, procedures and techniques. Wilkinson is manufacturing
company which wants to produce new marketing plan so that it can enhance its market share as
well as sale revenue.
Company profile: Wilkinson is one of the most successful companies which manufacture
different personal care products so that people can satisfy their daily needs. This organisation
was established by a UK family in 1930. It is a multinational organisation which operates in
more than 121 countries across the world. Every year this enterprise generates net profit of
approx around 67 million pound. The main strategy of this company is to grape all those market
opportunities by which it can enhance its market profit as well as shares. In present time, this
organisation manufactures 25,000 kinds of products so that it can satisfy customer needs in all
possible ways.
Products offered: Wilkinson is a large company also it is large in its products range. It
manufactures 25,000 types of goods which makes it more powerful as compare to other
companies. This company have divides its products into two categories which are follows as
under:
Primary products: In this category Wilkinson involves those goods which have high demand in
market. These products are household, home wares, textiles, DIY, cleaning goods etc.
Secondary products: It involves those goods which have less demand in market place and these
are health and beauty items, stationery, bathroom products, Pet items and so on.
Situational analysis: It is huge responsibility of marketing manager to analyse all those factors
which can affect activities and practices of business enterprise. There are various internal as well
as external factors which can influence positive or negative impact on marketing plan of
Wilkinson. This company can take help of SWOT analysis which is one of the most effective
managerial tools for analysing environmental factors.
Strengths: The biggest strength of this company is its huge product line. Also, it covers UK’s
large market shares. In simple words, it has huge presence in United Kingdom. The biggest key
factors of this company are its high skilled employees who can face any kind of business
problems and challenges.
Weaknesses: Wilkinson has huge product portfolio but it do not segments its market which is its
biggest weakness. Also, it have poor brand image in market place because it do not produce
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innovative products and do not perform most important CSR activities, which influence negative
impact on its market position.
Opportunities: This organisation can expand its business by dividing its market into different
segmentation. Also, it can take help of digital technology to produce innovative products; this
helps it in achieving competitive advantage.
Threats: The major risks are high market competition and continuous changes in environmental
factors.
Marketing objectives: Wilkinson wants to make new marketing plan so that it can increase its
growth rate by 8% within next one year and also it wants to increase its market share by 20%
within three years.
Marketing strategies: Most important marketing strategies of Wilkinson are follows as under:
Segmentation: For better growth and development, it is highly important for Wilkinson to divide
its market into segments. While segmenting its market it will consider some factors sch as age,
lifestyle and income level of people.
Targeting: This Company produce household products, so it will give high importance to
residential areas where it can attract various families.
Positioning: Wilkinson will use low pricing policy to attract huge number of customer.
Marketing budget:
Marketing budget
Particulars 1st Year 2nd Year
Initial money 15000 18000
Investment 15000 12000
Total 30000 30000
Marketing expenditures 15000 10000
Advertisement 5000 5000
Sales promotion 5000 5000
Direct marketing 5000 10000
Digital marketing 10000 10000
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Total 40000 40000
Monitor and control: After making complete marketing plan, it is highly important for
merchandising managers to keep control on this plan so that it can produce desired results. For
monitoring organisational current performance they can take help of various methods. By
determining satisfaction level of customer and y comparing current financial results with last
year’s results, Wilkinson can easily evaluate its current market position.
CONCLUSION
By evaluating this project report, it has been concluded that marketing is that essential
concepts which helps business enterprise in building strong relationships with its customer. in
simple words, merchandising is study of exchange relationship which make good relation
between company and its clients. In present scenario, almost all companies are focusing on their
marketing functions such as market research, promotion, advertisement, risk analysis,
distribution, communication etc. So that they can accomplish their desired goals and objectives
in most effective manner and also can improve their market position. Wilkinson Company is
highly popular for producing personal care products, this enterprise gives core attention to its
merchandising function because it interlinks with other functional units of organisation.
Interrelations between merchandising and other organisational functions such as finance, HR,
administration etc, Helps Company in achieving its desired objectives in appropriate manner.
The most important concept of merchandising is marketing mix which consists of seven
elements and these are product, price, place, promotion, people, process and physical evidence.
Effective utilisation of these components can lead Wilkinson to high level of success and growth.
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Online
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Bhasin H., Concepts Of Marketing 2017. [Online]. Available through:
<https://www.marketing91.com/concepts-of-marketing/>. [Accessed on 15th November,
2017].
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